Let's Talk About It

I have two contacts that have a total of 4 duplex properties they need to sell.

One is a 1/1 per side with a garage. He is asking $31,500.

The other contact has 3. I believe 2 are 2/1 per side and the other is 1/1 per side. He is asking $20,000 to $40,000 depending on the property. These need some work and are vacant. One has a new roof including decking.

I am not representing either at this point. Email or call me and I will put you in contact with either or both directly.

I don't mean to beat a dead horse, but I know the market and how long it takes many home buyers to find the ideal home, how long it takes to arrange financing and how long it will take to get to the closing table.

If you are a first time buyer, time is running out fast to take advantage of the tax credit.

Also, home prices may have already started to rebound in our area. The NAR reports that Indianapolis area home prices increased 2.4% in the second quarter of 2009 compared to the same period in 2008.

Call me or email me to get started immediately with your home search.

I love to watch numbers, especially when it comes to real estate. I like to see what actual data is compared to what some of the dramatic news articles spew.

Here are some data for Marion County home sales for the last 6 years. It shows the number of properties sold, the average list price, the average sale price and the days on the market. You can see the price decline is definitely showing signs of slowing, and properties are selling slightly faster than in 2008.

I do have stats for individual townships and the entire central Indiana area. I can look at specific neighborhoods also. Email me if you have any questions or comments.

Around the country, many major metropolitan areas are actually seeing an increase in housing prices.

Marion County - Indianapolis

	2004	2005	2006	2007	2008	YTD 2009
# Sold	14,736	15,291	15,287	13,735	11,872	6,867
Avg.LP	$121,627	$126,508	$127,067	$120,997	$110,329	$108,797
Avg.SP	$116,018	$122,901	$122,920	$116,413	$104,432	$102,612
DOM	76	75	82	89	94	91

I continue to hear of many potential home buyers still sitting on the fence, hoping or expecting prices to drop more and better deals to come along. As a real estate professional, I believe it is our professional duty to help buyers understand the reality of today’s market.

The cash for clunker program was ended due to its success. It is speculated that the 1st time home buyer credit will do the same. It is time to help potential 1st time home buyers to understand the opportunity at hand. They can receive up to $8,000 in CASH for buying a home. They need to move quickly. They must have ownership by Dec. 1st, 2009 to qualify for the credit. Considering the time it takes to qualify for a loan, find a home and secure a purchase agreement, time is running short.

I happened to be looking at CNN Money today and these two articles reinforced what I have been seeing in my own business the last few months.

Don't forget, the first time homebuyer tax credit is due to expire at the end of November. If you are going to take advantage of it, you must close on your home purchase by December 1.

Most (and least) affordable cities to buy a house

I helped a couple relocating here from Ventura, CA purchase a home in Indy earlier this year. They bought the home mostly sight unseen except for some photos that I sent to them.

They moved here in January of this year and dug their heels into the renovations the home needed. While there were a few surprises and unexpected expenses, they are thrilled with the move and are very proud of the home and what it is becoming. They wanted me to share their story and photos with others hoping to inspire others to not be afraid of a little hard work and sweat equity.